This critical marketing statistic is always a “want to know” by marketing consultants, investors, and outside parties interested in your business. And you better know it! There’s a lot of things to know if you’re in business: revenue, profit margin, inventory turns, return on invested capital. But determining what’s the value of each of your customers over his or her lifetime is probably one of the most important. After reading this post you’ll know how to determine what’s a customer worth and should write down the answer, engrave it on your forehead, post it over the refrigerator, your desk or smartphone and share it with your employees.
Why is this statistic so important?
Because any business owner looking to achieve long-term success must determine how much you might be willing to spend to acquire a new customer. This enables you to shift your focus from mass transactions and simply making a buck in the short-term to building trust and…
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